A 1.16-acre parcel next to UCLA’s Ronald Reagan Medical Center in Westwood recently sold for $38.2 million. The property, located at 10918-10926 Le Conte Avenue, is located between the medical center and Westwood Village and near the 405 and the 10.
Brokerage firm Newmark represented the seller, Le Conte Westwood Development and the undisclosed buyer in the transaction. The firm’s Executive Managing Director Ryan Plummer and WESTMAC Executive VPs Willa McNamarra Fields and Jim Burnap represented the seller, while the buyer was represented by Newmark’s Executive Managing Director David Kluth and JLL Executive VP Alya Coher.
A press release from Newmark published in early March says that there is a 9,647-square-foot office building on the property. The brokerage firm added that the buyer’s plans for the new development will be revealed in the coming months.
Records from the Los Angeles County Assessor’s office show that the property had an assessed value of $15.3 million in 2025. The office building on the site was erected in 1933, and the property was part of an 8-lot assemblage that was sold in October 2007. The assessor’s office says that the property sold for $21.2 million back then and that the parcels were later consolidated into the current site between 2012 and 2013.
A report in the LA Business Journal from March, which cited data from Newmark, says that Westwood’s existing office inventory consists of 3.4 million square feet of space, but there is no additional office space under construction. The neighborhood’s vacancy rate – 27.7% – is 200 basis points higher than the average in West L.A., which sits at 25.8%.
Brokerage firm Avison Young, on the other hand, reported that at the end of 2025, Westwood’s existing inventory totaled 7.5 million square feet and that 106,591 square feet had been occupied at the end of the fourth quarter of 2025. The annual direct asking rent per square foot reached $51.13 over the same period.
While the sale of the development site comes amid a largely soft market across West L.A., with little new construction and zero new space delivered since 2024, the property’s location next to Ronald Reagan UCLA Medical Center offers substantial exposure to the neighborhood’s largest economic driver.
The medical center, which has 520 inpatient beds, spans more than 1 million square feet, employs approximately 6,466 full-time workers, according to data compiled by the American Medical Association.
The medical center is visited by more than 637,000 patients annually, which suggests that the recently sold parcel could see significant economic activity if its future use includes additional medical services.
